The Union Finance Minister Nirmala Sitharaman chaired the 55th meeting of the GST Council today (21st December 2024) at Jaisalmer, Rajasthan. The GST Council suggests waiving the late fee for filing GSTR-9C by March 31, 2025 on delayed furnishing of FORM GSTR-9C for the period from 2017-18 to 2022-23. The council recommended issuing notification under section 128 of CGST Act, 2017 for waiver of the amount of late fee for delayed filing of FORM GSTR-9C, which is in excess of the amount of late fee payable till the date of filing of FORM GSTR-9 for the said financial years, provided the said FORM GSTR-9C is filed on or before 31st March 2025. Become PF & ESIC Pro: Basic to Advance Course – Enroll Today Form GSTR-9C is a reconciliation statement that compares the taxpayer’s audited financial accounts with their yearly return ( GSTR-9 ) and is certified by a chartered accountant or cost accountant.

For taxpayers whose total revenue in a fiscal year exceeds ₹5 crores, it is required.It resolves any disparities between reported numbers and audited financials and guarantees correctness and openness in tax declarations. If it follows the GST Council’s recommendations, the government may eliminate late costs for GSTR-9C filing delays by issuing a notification. A waiver could be granted under certain conditions or for a predetermined amount of time. generally relevant in cases where taxpayers experience real problems such operational challenges, natural disasters, or system errors. Become PF & ESIC Pro: Basic to Advance Course – Enroll Today Section 128 of the CGST Act, 2017 waives late fines for FORM GSTR-9C filings that are delayed, which helps taxpayers and promotes compliance.

To take advantage of these relaxations, taxpayers must ensure timely filing and be informed of notices. In addition to Chief Ministers from Goa, Haryana, Jammu and Kashmir, Meghalaya, and Odisha, as well as Deputy Chief Ministers from Arunachal Pradesh, Bihar, Madhya Pradesh, and Telangana, the meeting was attended by Union Minister of State for Finance Shri Pankaj Chaudhary and Revenue Secretary Ajay Seth.